August 14, 2023 – The Bank of New York Mellon Corp recently decreased its position in software company Autodesk, Inc. (NASDAQ:ADSK) by 1.6% during the first quarter, as reported in its most recent Form 13F filing with the Securities & Exchange Commission. The firm now owns 1,682,095 shares after selling 27,210 shares during the period. This decrease corresponds to approximately 0.78% of Autodesk’s total value, which amounts to $350,145,000 at the end of the most recent quarter.
Autodesk (NASDAQ:ADSK) made its last announcement regarding its quarterly earnings results on May 25th. The software company reported $1.55 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates. The estimated revenue for this period was $1.27 billion, a number that aligned with analysts’ expectations . Comparing this quarter’s numbers to the same period from last year, Autodesk experienced an increase in revenue by 8.5%. Additionally, Autodesk had a net margin of 16.42% and a return on equity of 100.54%. In the prior year during this quarter, the company reported EPS of $0.87.
Looking ahead to the current year, sell-side analysts predict that Autodesk will post an EPS of around $4.54.
In related news concerning insider selling within Autodesk, Director Betsy Rafael sold 309 shares of the company’s stock on August 1st for an average price of $211.17 per share, amounting to a total transaction value of $65,251.53 . Following this sale,Betsy Rafael now holds directly holds 4,472 shares in the company worth approximately $944,352.24 . This transaction was disclosed through a filing with the Securities & Exchange Commission accessible via this link. Corporate insiders currently own 0.14% of the company’s stock.
These recent developments within Autodesk have attracted significant attention from market observers and shareholders alike. The Bank of New York Mellon Corp’s decision to decrease its position in the software company has raised questions about the future trajectory of Autodesk’s stock. However, it is important to note that institutional investors often make strategic adjustments to their portfolios to manage risk or capitalize on emerging opportunities.
Autodesk’s quarterly earnings results, despite meeting analysts’ expectations on EPS and revenue, have left some investors wanting more. While an increase in revenue from the same quarter last year is promising, there may be concerns regarding the company’s ability to sustain this growth momentum going forward. With sell-side analysts predicting an EPS of $4.54 for the current year, it remains to be seen whether Autodesk can meet these expectations and reassure investors.
Director Betsy Rafael’s recent sale of shares could also raise eyebrows among investors seeking insight into her confidence in Autodesk’s future prospects. However, it is crucial not to jump to conclusions without fully understanding her rationale behind the transaction. Regulatory filings provide information about transactions but do not always reveal all aspects driving an individual’s decision-making process.
As August 14, 2023 approaches, market participants will eagerly await updates from Autodesk as well as further developments concerning its relationship with The Bank of New York Mellon Corp. Market conditions are dynamic by nature, and investor sentiment can quickly shift based on new information or changing circumstances surrounding a particular stock . Consequently, autonomous systems should regularly monitor these factors to ensure informed investment decisions that align with their specific objectives and risk appetite.
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Assessing Autodesk’s Potential Amidst Hedge Fund Investments: Shareholders and Analysts Analyze Market Impact
Autodesk’s Shareholders and Analysts Assess Potential Amidst Hedge Fund Investments
Date: August 14, 2023
Autodesk, Inc., a renowned software company, has recently attracted the attention of several hedge funds and institutional investors. These financial entities have been actively buying and selling shares of the company, causing significant fluctuations in ownership stakes. This article examines some notable increases in holdings by major investors and explores how these developments may influence Autodesk’s market performance.
The Impact of Institutional Investors:
Ninety One UK Ltd, an institutional investor, increased its holdings in Autodesk by 1.8% during the first quarter of this year. The UK-based firm now possesses a staggering 4,406,367 shares valued at approximately $917 million. Similarly, Geode Capital Management LLC raised its stake by 1.9% during the fourth quarter and now holds 3,926,305 shares worth $732 million.
Alliancebernstein L.P. also demonstrated confidence in Autodesk by increasing its stake by 3.7% in Q4; currently holding 3,478,505 shares worth $650 million. Furthermore, Northern Trust Corp purchased an additional 47,952 shares in Q1 to bring their total holdings to 2,835,207 shares worth $607 million.
It is essential to note that Norges Bank entered the scene as a new stakeholder with a purchase valued at $426 million during the fourth quarter of last year.
Overall Market Performance and Stock Data:
As of Friday’s opening bell on August 14th, ADSK stock was trading at $207.96 per share with a market capitalization of $44.45 billion. With a price-to-earnings (P/E) ratio of 53.88 and a beta value of 1.52 indicating higher volatility compared to the broader market index.
Autodesk maintains both a current ratio and quick ratio of 0.72, suggesting a moderately balanced liquidity position. The company also holds a debt-to-equity ratio of 2.54, demonstrating a higher reliance on borrowing for its operations.
The stock’s 50-day moving average stands at $208.45, while the 200-day moving average is slightly lower at $204.99.
Analyst Insights and Recommendations:
StockNews.com initiated coverage on Autodesk recently, offering a “buy” rating. Similarly, BMO Capital Markets began covering the stock and issued a “market perform” rating along with a price objective of $224.00.
However, Robert W. Baird decreased their price target from $247.00 to $230.00 in light of recent market trends. Citigroup lowered their target price from $265 to $241 but maintained a “buy” rating for Autodesk.
OTR Global downgraded Autodesk’s rating to “positive” in May’s research report, adding an interesting perspective to the mixed views among analysts.
Conclusion:
With substantial investments by institutional investors and hedge funds, Autodesk has witnessed noteworthy changes in ownership stakes in recent quarters. These developments have undoubtedly caught the attention of analysts, who have provided varying recommendations regarding the company’s future potential.
As we move forward, it will be interesting to observe how these investments influence Autodesk’s performance in both the market and innovation space, as well as whether additional analysts share these positive sentiments or adopt more cautious views on ADSK stock.